Windfall tax for major companies to be introduced in Russia
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31.01.2024
PLANNED INNOVATIONS IN CONSULAR REGISTRATION OF CITIZENS OF THE RUSSIAN FEDERATION AND OTHER MEASURES TO IMPLEMENT THE CONCEPT OF STATE MIGRATION POLICY
The action plan provides, in particular, for the introduction of mandatory consular registration of Russian citizens living abroad. As follows from the document, as a result of the implementation of this point of the plan, the concept of “citizen permanently residing outside the Russian Federation” will be defined, and the legal status of this category of citizens will also be specified. Implementation deadline is June 20, 2025.
30.01.2024
FROM MARCH 25, 2024, THE DEPOSIT INSURANCE SYSTEM TO EXTEND TO THE FUNDS OF LAWYERS, NOTARIES AND CERTAIN OTHER CATEGORIES OF PERSONS
Amendments to the Law on Deposit Insurance provide for classifying funds of lawyers, notaries and other individuals that have opened accounts for implementation of their professional activities as funds subject to insurance.
Moreover, the group of legal entities that are subject to the deposit insurance system has been expanded to include medium-sized enterprises, recognised as such in accordance with the Law on the Development of Small and Medium Enterprises, and also certain non-profit organizations (trade unions and socially oriented NPOs).
29.01.2024
MINISTRY OF TRANSPORT PROPOSES TO IMPROVE THE STANDARDS GOVERNING THE PLACEMENT OF ROAD SERVICE FACILITIES ALONG HIGHWAYS
According to the draft regulatory act, it is proposed to place, along highways of the first category (those with high traffic intensity and speed limits) road service facilities (gas stations, bus stations, hotels, cafes, service stations, vehicle parking and other similar facilities) exclusively as part of multifunctional zones.
In this case, a multifunctional road service zone should be understood as an area intended to accommodate at least two road service facilities of a different type.
26.01.2024
LISTS OF COUNTRIES NOT PARTICIPATING IN THE EXCHANGE OF TAX INFORMATION WITH THE RUSSIAN FEDERATION, AS WELL AS THOSE NOT FULFILLING THEIR OBLIGATIONS TO EXCHANGE COUNTRY REPORTS, HAVE BEEN APPROVED
A new list of states (territories) that do not ensure the exchange of information for tax purposes with the Russian Federation has been approved. It includes 88 countries and 14 territories.
The profit of a controlled foreign company is exempt from taxation if the permanent location of such a controlled foreign company is a state (territory) with which there is an international treaty of the Russian Federation on tax matters, with the exception of states (territories) that do not ensure the exchange of information for tax purposes with Russia.
25.01.2024
LIMITED DISCLOSURE OF INFORMATION WITHIN THE FRAMEWORK OF LAWS ON JOINT-STOCK COMPANIES AND ON SECURITIES MARKET
If, within the framework of the laws on joint-stock companies and on the securities market, an issuer restricts the disclosure of information, then it must inform the Central Bank of this. New rules for sending relevant notifications are established to replace the current rules, issued in 2019.
24.01.2024
THE BANK OF RUSSIA RECOMMENDS A METHODOLOGY FOR DEVELOPING STRATEGIES FOR SUSTAINABLE DEVELOPMENT AND CLIMATE TRANSITION
The Bank of Russia offered public joint stock companies and issuers a methodology for developing a sustainable development strategy and a climate transition strategy.
The presence of strategies will enable public joint stock companies and issuers to more effectively take into account ESG factors and sustainable development issues when organising corporate governance.
23.01.2024
BANK OF RUSSIA NOT TO PUNISH, IN 2024, FINANCIAL ORGANISATIONS FOR TRANSACTIONS ON BEHALF OF PERSONS USING PROHIBITED SITES
In 2024, the Bank of Russia will not punish financial organisations for carrying out transactions with money and another property on behalf of persons providing services using sites included into the unified register of prohibited Internet resources.
22.01.2024
STATE CONTROL IN THE FIELD OF DRUG CIRCULATION: NEW RISK INDICES FOR VIOLATION OF MANDATORY REQUIREMENTS TO BE PUT INTO OPERATION
The Ministry of Public Health proposes to expand the list of risk indices for violation of mandatory requirements in implementation of federal state control (supervision) in the field of circulation of drugs for medical use. Extra eight items to be introduced as grounds for unscheduled inspections.
19.01.2024
DETERMINATION OF QUOTES, PRICES OF FINANCIAL INSTRUMENTS, PRECIOUS METALS AND CURRENCIES IN 2024: A LIST OF INFORMATION SOURCES HAS BEEN ESTABLISHED
In 2024, the Central Bank of the Russian Federation allows the use of information from the National Settlement Depository, Interfax, Sbonds.ru and Russian trade organisers to determine quotes, prices (costs) of financial instruments, precious metals and currencies, along with data from Bloomberg and Refinitive agencies, and, if they do not have data, information other organisations (based on a reasoned decision of a financial organisation).
At the same time, only Bloomberg and Refinitive can still determine the exchange rate, the change in which determines the amount of income on securities available for purchase to unqualified investors.
18.01.2024
AUDIT ACTIVITIES: INNOVATIONS
The Ministry of Finance announced innovations in auditing activities in 2024:
- cases of unscheduled audits of auditors in 2024 have been identified;
- the procedure for assessing the risks of performing operations (transactions) for the purpose of laundering proceeds from crime and financing of terrorism in auditing activities has been approved;
- The Agreement on the implementation of audit activities within the EAEU came into force.
17.01.2024
A LIST OF OFFSHORE ZONES HAS BEEN ESTABLISHED FOR 2024 TO ASSESS THE COMPLIANCE OF PARTICIPANTS OF FINANCIAL COMPANIES WITH CERTAIN REQUIREMENTS
Organisations registered in offshore zones cannot dispose of shares or stocks of financial companies. A list of such zones has been established that will be applied in 2024. It includes 39 zones. This list is also needed to assess the influence of residents of offshore zones on the management of the bank.
16.01.2024
IT HAS BEEN ESTABLISHED WHAT INFORMATION FINANCIAL COMPANIES MAY NOT DISCLOSE IN 2024
The Bank of Russia has determined what information organisations providing professional services in the financial market have the right not to disclose in 2024. The types of information that the regulator does not disclose on its website are also indicated.
A credit institution that has decided not to disclose information about the qualifications and work experience of members of the board of directors (supervisory board) to an unlimited number of persons on its website is obliged to send this information to the Bank of Russia within the period established for its disclosure, or information about the failure to provide such information by a member of the board of directors (supervisory board).
15.01.2024
VALIDITY OF EXPIRED DRIVER'S LICENSES HAS BEEN EXTENDED FOR THREE YEARS
The norm introduced in the spring of 2022 has been adjusted, which provided for a three-year extension of the validity of Russian national driver's licences, the validity of which expired in the period from January 1, 2022 to December 31, 2023.
It now applies to Russian national driver's licences that expire (expired) between January 1, 2022 and December 31, 2025.
Extension of validity does not require additional changes to the driver's licence.
12.01.2024
BAN ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN ACCOUNTS OF TYPE ‘C’ AND ‘I’
It has been established that funds and securities accounted for in a type “C” account, as well as for funds held in a type “I” account, cannot be seized under executive documents, seized, and cannot be subject to other interim measures.
11.01.2024
ANTI-SANCTION MEASURES TO BE EXTENDED FOR 2024
A law was signed to extend the current measures aimed at reducing the negative consequences of anti-Russian sanctions.
Special regulation in the field of licensing and control and supervisory activities has been extended in terms of powers of the Government to establish the specifics of state control (supervision) and municipal control, including in terms of introducing a moratorium on inspections.
Special regulation has been extended in the field of corporate relations, government procurement, construction and town-planning activities, social and labour relations, as well as in terms of admission of persons living abroad to Russian educational organisations, opening of checkpoints across the state border, providing state or municipal preferences and other measures.
10.01.2024
PAYMENTS ON RUSSIAN EUROBONDS: THE BANK OF RUSSIA CLARIFIED SOME PROVISIONS OF THE NEW MECHANISM
The President established a new temporary procedure for fulfillment of the Russian Federation's debt obligations under Eurobonds to residents and foreign creditors. The Bank of Russia has clarified its provisions regarding the priority of fulfilling the obligations of the central depository, including to individuals.
09.01.2024
VISA FEES INCREASED FOR EU CITIZENS
A law is signed on synchronizing the regime for collecting fees for issuing Russian visas with the standards established by the EU, Denmark, Iceland, Liechtenstein, Norway and Switzerland, authorities of which have unilaterally and completely suspended the operation of international agreements with Russia on the mutual simplification of issuing visas, including switching to use of higher rates of visa fees.
Restrictions have been introduced on the visa-free entry of diplomats. Visa preferences have been cancelled for members of official delegations, national and regional governments and parliaments, constitutional and supreme courts, as well as journalists from the EU, Iceland, Liechtenstein, Norway and Switzerland.
Entrepreneurs, persons involved in scientific, cultural or creative activities, participants in international sporting events and official exchange programs between sister cities, schoolchildren, undergraduate and graduate students heading for study and internship, close relatives of EU citizens living in Russia, as well as heavy trucks drivers are still entitled to obtain a Russian visa at the territorial offices of the Ministry of Internal Affairs without formalising invitations.
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